3. From 1947 to 1997 the consumer price index in the United States rose 637 percent. Use...
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3. From 1947 to 1997 the consumer price index in the United States rose 637 percent. Use this fact to adjust each of the following 1947 prices for the effects of inflation. Which items cost less in 1997 than in 1947 after adjusting for inflation? Which items cost more?
ITEM 1947 PRICE 1997 PRICE University of Iowa tuition $130 $2,470 Gallon of gasoline $0.23 $1.22 Three-minute phone call from New York to L.A. $2.50 $0.45 One-day hospital stay in intensive care unit $35 $2,300 McDonald’s hamburger $0.15 $0.59
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